Asia lost 1.444 billion euros in 2020 due to Covid-19

The economies of Asia, due to Covid-19, lost 1.444 billion euros in 2020. The esteem Japan Center for Economic Research (JCER) which today released a report based on the economies of 15 Asian countries and on the comparison between forecast and real GDP last year. The reference point taken by the JCER, in particular, is the forecast of the International Monetary Fund released in October 2019 for the nominated GDPs of countries.

The IMF estimated that the region’s combined GDP would be € 25.661 billion, but this figure was ultimately missed by € 1.444 billion. This is an overall loss of 5.7 percent of GDP.

The combined Asian GDP, unlike that of other regions of the world, however remained in positive territory last year, with an increase of 0.2 per cent. But this was in particular due to China and its success in containing the pandemic, which has also developed since China.

The People’s Republic, which represents half of the region’s GDP, recorded a growth in gross domestic product, but compared to forecasts it lost 516 billion euros compared to the forecast.

Proportionately heavier were the losses of the other major Asian economies, which, on the other hand, failed to stay in positive territory. India lost 412 billion euros of GDP compared to forecasts, Japan 140 billion euros, Indonesia 132.4 billion euros. The only economy that surpassed expectations was Taiwan,

Particularly affected were those sectors – explains JCER – in which contact between people is inevitable: services, tourism. Combined losses in the services sector were approximately € 860 billion, 60 percent of the total. In countries outside China, losses in this sector even represent 64 percent of the total.

Source: RSS Economia by

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